Chinese plate export offers inchup in the fifth consecutive week by USD 5/MT W-o-W owing to rise in domestic plate prices along with hike in global flat steel prices. However rise in plate prices is yet to be absorbed as the demand for plate is comparatively less than HRC which has resulted in sparse buying interest from overseas buyers.
Current plate export offers are assessed in the range of USD 470-480/MT, FoB China.Last week the prices was in the range of USD 465-475/MT,FoB basis.
Meanwhile domestic prices of plate are assessed in the range of RMB 3,600-3,620/MT which is equivalent to USD 533-536/MT including VAT.
Major mills are quoting plate export offers are in the range of USD 485/MT,FoB basis.Last week few deals have been settled with Vietnam and Pakistan in the range of USD 470/MT on FoB basis.
Indian steelmakers raised Plate prices for August bookings
With rise in other flat steel prices by major steel players for the month of Aug’17 bookings, plate prices have also gone up around INR 500/MT owing to improved buying interest. Few major mills have already announced price hike while others are likely to do it in the coming week.
Few trade sources highlighted that some mills which are yet to roll out the new prices have kept away from booking material at old rates.
However on weekly basis domestic plate prices remain unchanged. In major markets, reference prices (basic) for plates (5-10 mm, IS 2062) are hovering in the range of INR 35,000/MT (ex-Delhi) and INR 35,600-35,700/MT (ex-Mumbai).The prices mentioned above are basic prices excluding GST @ 18%.
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